Friday, November 22, 2013

Canada's Energy Board Releases Production Outlook

According to the latest petroleum production projections released today by Canada's National Energy Board, the nation's production of crude oil is expected to rise from about 3.2 million barrels per day in 2012 to 5.8 million by 2035. Natural gas production is expected decline by 2018 to 11.2 billion cubic feet per day from 13.2 Bcf/d this year due to poor prices, then rise to 17.4 Bcf/d by 2035 with rising demand and prices driven by exports of liquefied natural gas. The increased supply will far outstrip domestic demand, according to the NEB report, and will increase the need for increased export infrastructure such as pipelines which have been slow to win approval due to opposition from environmental groups. More